Riverside Resources Inc. is pleased to provide an exploration update for ongoing work at the Thor Project (the “Project”) in Sonora, Mexico. Thor was staked by Riverside as part of the Company’s copper porphyry exploration alliance (the “Alliance”) with a wholly owned subsidiary of Antofagasta Plc. (“Antofagasta”). The Thor Project is being advanced as a Designated Project (“DP”), with Antofagasta having the opportunity to earn a 65% interest by funding $5,000,000 in exploration over four (4) years (see Riverside’s press release April 13, 2015). Riverside has received mineral title and signed access agreements. Company geologists, working in close collaboration with Antofagasta geologists, have completed initial detailed field mapping, prospecting and rock chip sampling. Results to-date are promising and have resulted in drill targets being defined, with initial drill testing now planned. This most recent phase of exploration was designed to work up target areas on the southern portion of the property.
A total of 149 surface rock chip samples have been collected to-date. Outcropping areas in the southern target area returned anomalous copper (Cu) values including 0.41%, 1.11% and ranging up to 1.47% Cu. Samples from the southern target area also returned variable elevated gold ranging from less than detection limit up to 0.7 g/t Au. Target analysis from Riverside’s regional stream sediment sampling now defines areas for more extensive field review.
The next stage of exploration work will include a magnetic geophysical survey and alteration studies. The magnetic geophysical survey will help model the older host-rock geology beneath post mineral gravel and variable volcanic cover. Riverside and Antofagasta also plan to drill an initial 1,200 metres of core this fall.
Riverside’s President and CEO, John-Mark Staude, stated: “We are pleased with progress at Thor with encouraging initial exploration results and mineral title and access agreements now in hand. We look forward to additional exploration targeting work and drilling to follow. We are keen to test these copper target areas in a geologic area that has seen little previous exploration.”
Field work completed to date at Thor has identified Laramide age intrusive and volcanic rocks with previously unrecorded copper mineralization, and zoned alteration consistent with a Cu porphyry type system. This surface expression is recognized along a seven kilometre northwest trend, located within a structural block which preserves the favourable Laramide intrusive-volcanic stratigraphy. Alteration zonation, defined through mapping, rock chip sampling and Terraspec analysis, is now going to be further studied via a magnetic study.
The 128 km2 Thor Project is located 80 km east of Hermosillo, the capital city of Sonora, and boasts good access near regional, paved highways, existing powerlines, and overall good infrastructure in rolling hills with open flat areas favorable for exploration. The Project is located within the prolific Sonora Laramide Copper Belt, which is host to major Cu-Mo porphyry deposits including Cananea (7,140 Mt @ 0.42% Cu, 0.01% Mo), La Caridad (1,800 Mt @ 0.45% Cu, 0.02% Mo) , as well as the Mariquita and Milpillas Mines. Early results from initial rock chip sampling on the Thor property conducted by Riverside have returned encouraging values and alteration types recognized on the Property are consistent with the upper parts of a porphyry copper system.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Thor Project was reviewed and prepared under the supervision of Locke Goldsmith, P. Eng., P. Geo., an independent qualified person to Riverside Resources who is responsible for ensuring that the geologic information provided in this news release is accurate and acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Samples were taken to Hermosillo, Mexico where ALS Laboratory Group’s mineral division ALS Chemex crushed and pulverized each sample. The rejects remained with ALS Chemex while the pulps were transported to ALS Chemex’s ISO 9001-2008 certified laboratory in North Vancouver, BC, Canada for analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard and blank samples were randomly inserted into the sample stream prior to being sent to the laboratory.